Sweden has called for a ban on mining Bitcoin, Etherea and other currencies in Europe

Europe does not currently have the lion’s share of Bitcoin mining, if we do not count Russia, whose potential picked up machines exported from China, although probably not as much as they could, according to the Financial Times. But that is why we may still see the growth of Russia’s share. –

In Europe and specifically in the EU in Bitcoin mining leads Ireland with a share of around 4.7% of the total hashrate bitcoin network, which is chasing Germany with a share of only 0.2% lower. However, these are remarkably high numbers, which are very likely the result of Bitcoin’s miners using both Irish and German VPN services to hide their true location, which is why Bitcoin is far from beneficial in Germany and Ireland. –

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However, this means that in fact, within the European Union, Bitcoin could benefit the most in Sweden (1.2%), which would make sense given its local water and nuclear resources, but in reality it is price of electricity in Sweden rather average and certainly not among the lowest in Europe. –

Now the Swedish regulators have spoken, namely Erik Thedéen (Swedish Financial Supervisory Authority) and Björn Risinger (Swedish Environmental Protection Agency), according to which energy consumption for cryptocurrency mining should jeopardize Sweden’s ability to meet its Paris Agreement obligations. –

Thedéen and Risinger calculate that between April and August this year, the consumption of Bitcoin mining equipment in Sweden increased “by several hundred percent” and now corresponds to the consumption of about 200,000 households. In their open letter, they demand a nationwide ban on cryptocurrency mining in the European Union with regard to the PoW (Proof of Work) model. This definitely includes Bitcoin and still Ethereum, in which case the transition to PoS (Proof of Stake) is still planned, where it will no longer be a question of performance, but of the volume of currency held.

Thedéen and Risinger also want the ban on the installation of new mining equipment to take effect in Sweden as soon as possible and so that companies investing in cryptocurrencies can no longer describe their activities as environmentally sustainable.

At the same time, it could be expected that sooner or later someone would speak, and in view of the above, it is not surprising that these voices come from Sweden. However, we will see if they fall on fertile ground, which could be helped from a political point of view by the fact that energy prices are rising and the cause should be, as usual, a shortage.

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